Home First Finance, backed by private equity firms Warburg Pincus and True North, has raised Rs 1,250 crore ($146 million) through a qualified institutional placement of equity shares.
The company issued 13 million shares to qualified institutional buyers in what marks its first equity fundraise since its initial public offering in 2021. The issue witnessed an overwhelming response from marquee foreign long-only funds, domestic mutual funds, and insurance companies. There was participation from a mix of foreign and domestic institutional investors.
Among the foreign investors were International Finance Corporation, Capital World, Fidelity International, White Oak Capital, Goldman Sachs Asset Management, and Eastspring Investments.
On the domestic front, investors included HDFC Asset Management Company, Aditya Birla Sunlife AMC, Invesco AMC, ICICI Prudential AMC, ValueQuest Investment, Bajaj Allianz Life Insurance, Kotak Life Insurance, and ICICI Prudential Life Insurance.
“This capital infusion will augment Home First’s capital base and further strengthen the ability to expand our footprint, deepen customer engagement, and deliver sustained value to all stakeholders,” Manoj Viswanathan, managing director and CEO of Home First Finance, said.
Home First is an affordable housing finance company serving low- and middle-income customers, primarily offering housing loans for the purchase or construction of homes. It operates through a network of 155 branches across 13 states and Union Territories in India, including Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. The company is also looking to expand into markets such as Uttar Pradesh, Madhya Pradesh, and Rajasthan.
As of December 31, 2024, the company's assets under management grew 33% year-on-year to Rs 11,949 crore.
